a. How many hours of golf and how many hours of tennis does she play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on golf and a dollar less on tennis, by how much would her total utility change?c. Compared to part (a), if Cindy spent a dollar less on golf and a dollar more on tennis, by how much would her total utility change?Cindy has $70 a month to spend, and she can spend as much time as she likes playing golf and tennis. The price of an hour of golf is $10, and the price of an hour of tennis is $5. The table shows Cindy’s marginal utility from each sport. Make a table that shows Cindy’s affordable combinations of hours playing golf and tennis. If Cindy increases her expenditure to $100, describe how her consumption possibilities change.The table showing Cindy’s affordable combinations of hours playing golf and tennis is to the right. If Cindy increases her expenditure, then for each entry of tennis hours in the table, her hours of playing golf increase by 3 hours. Alternatively, for each entry of golf hours in the table her hours of playing tennis increase by 6. In terms of a diagram, Cindy’s budget line shifts to the right and its slope does not change.Hours per monthMarginal utility from golfMarginal utility from tennis18040260363403043010520 5610 27 6 1Hours playing golfHours playing tennis7 06 25 44 63 8210112014
a. How many hours of golf and how many hours of tennis does she play to maximize her utility?b. Compared to part (a), if Cindy spent a dollar more on”
by | Mar 12, 2022 | Uncategorized
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